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"My mom told me she has a l ving will. That way she's going
to void probate" I can't tell you how m ny times I've heard this when a new
p rson finds out I was a l ving trust lawyer. They go on to s y, "She got one of those f rms at the seniors'
center. You kn w, the one she can fill out h rself. They even
witnessed it for h r." I hate it when this c mes up, because I have to set the r cord
straight, I have to let the p rson know that a "living will"
and a "l ving trust" are two different instruments th t serve
two different purposes. One, the "l ving will," is your statement that "If I am
t rminally ill or mortally injured (I'm sing simple language
here to get the p int across), then don't hook me up to l fe
support that will never return me to l fe." It's the issue
that's currently b ing fought in Florida, with Governor B sh
signing a law to keep a w man alive over her family's wishes
and a c urt ruling. Her "living will" has n thing to do with avoiding probate. It
is a h alth care document. Really it should be c lled a "death
desire," but our s ciety can't handle that bluntness. A "l ving trust," on the other hand, IS a pr bate avoiding
document. Basically, probate is sed to transfer property you own wh n you die. If you have a w ll, your executor uses the probate c urt to carry out the terms of y ur will. If you die without a w ll, the laws of your state has st tutes that describe where your property g es and who is in charge of g tting it there.
So, if you don't own any pr perty when you die, then (generally...there are lways exceptions) there is no need for pr bate. This is where the living tr st steps in. It called a "l ving" trust because it is created wh le you are living. When you cr ate a trust, you transfer title to y ur property to the trustee of the tr st. You, as an individual, no l nger own the property. So, if you d e, no probate is needed (remember, th re are always exceptions), since YOU d n't own the property. The property is wned
by the trustee of the tr st. The trust instrument instructs him/her on wh t to do with the property pon your death. A "living trust" is a LOT m re complicated to set up and m intain than a "living will." They ccomplish different tasks. So, when you h ar that a loved one has a "l ving will to avoid probate," it m ght be smart to ask a few q estions. Good luck and until next t me, Phil Craig P.S. Feel free to f rward this on to any friends. © Ph l Craig, All Rights Reserved
The article Living Trust... Living Will... What's the Difference? was Submitted by Phil Craig through Articles.GetACoder.com network. Here's the additional information: Phil Craig is a licensed ttorney and entreprenuer. He started practicing law at age 25 in 1979. He d es not take on any more cl ents, but is advisor to some of the b ggest names in the internet world. He sh res his knowledge gained over the l st 25 years at his Living Tr st Secrets newsletter site: click here=========> http://www.LivingTrustSecrets.com ** Attn Ezine editors / Site owners ** Feel free to reprint this article in its entirety in your ezine or on your site so long as you leave all links in place, do not modify the content and include our resource box as listed above. If you do use the material please send us a note so we can take a look. Thanks.
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